The global generic injectables market has witnessed a healthy growth over the past few years. This can be attributed to the aging population coupled with rapidly increasing cases of chronic diseases and unhealthy lifestyle.
Generic injectables refer to medication which yields the same therapeutic effect as their innovator drugs since they have the similar active ingredients, strength, quality, performance, intended use and dosage. Owing to their low cost, generic injectables have gained popularity in the healthcare sector. Moreover, the number of competitors in the generic injectables market is lower in comparison to oral generics which has resulted in higher profit margins and limited price erosion. A new research report by IMARC Group, titled “Generic Injectables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 26.2 Billion in 2017. The report further anticipates the market to reach US$ 45 Billion by 2023, at a projected CAGR of 9.5% over the forecast period.
Global Generic Injectables Market Drivers/Constraints:
- The numerous advantages of generic injectables, including low cost, short approval time and low capital investment compared to brand name injectables are catalysing the generic injectables market across the globe.
- The governments of various countries are supporting the manufacturing of generic injectables as these drugs help to reduce the healthcare costs. This has given an impetus to the market growth.
- Some of the other factors fuelling the growth of the market are the growing geriatric population, patent expiry of a number of drugs, rising prevalence of chronic diseases and an increase in drug shortages.
- The negative perception of the consumers towards generic drugs coupled with stringent regulations laid down by the governments are some of the challenges faced by the global generic injectables market.
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